Hope Bancorp, Inc. (NASDAQ:HOPE – Get Free Report) has been assigned an average recommendation of “Hold” from the five brokerages that are currently covering the firm, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $14.50.
HOPE has been the topic of several recent analyst reports. DA Davidson upped their price target on Hope Bancorp from $14.50 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Keefe, Bruyette & Woods upped their price target on Hope Bancorp from $13.00 to $14.00 and gave the company a “market perform” rating in a research report on Monday, April 6th. Zacks Research raised Hope Bancorp from a “strong sell” rating to a “hold” rating in a research report on Tuesday, March 31st. Brean Capital raised Hope Bancorp from a “neutral” rating to a “buy” rating in a research report on Wednesday, April 1st. Finally, Weiss Ratings raised Hope Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th.
Get Our Latest Stock Analysis on Hope Bancorp
Hope Bancorp Price Performance
Hope Bancorp (NASDAQ:HOPE – Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.01. The firm had revenue of $133.82 million for the quarter, compared to analyst estimates of $145.30 million. Hope Bancorp had a return on equity of 5.32% and a net margin of 6.56%.Hope Bancorp’s quarterly revenue was up 21.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.17 earnings per share. On average, sell-side analysts forecast that Hope Bancorp will post 1.13 earnings per share for the current fiscal year.
Hope Bancorp Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 8th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend was Friday, May 8th. Hope Bancorp’s dividend payout ratio is presently 107.69%.
Insiders Place Their Bets
In other Hope Bancorp news, Director Daisy Y. Ha sold 12,000 shares of the company’s stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $12.53, for a total value of $150,360.00. Following the transaction, the director directly owned 373,115 shares of the company’s stock, valued at $4,675,130.95. This represents a 3.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.27% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of HOPE. Royal Bank of Canada increased its position in Hope Bancorp by 91.5% in the 1st quarter. Royal Bank of Canada now owns 32,828 shares of the financial services provider’s stock worth $344,000 after purchasing an additional 15,687 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Hope Bancorp by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 68,936 shares of the financial services provider’s stock worth $722,000 after purchasing an additional 3,005 shares during the last quarter. Millennium Management LLC increased its position in Hope Bancorp by 147.1% in the 1st quarter. Millennium Management LLC now owns 492,153 shares of the financial services provider’s stock worth $5,153,000 after purchasing an additional 292,994 shares during the last quarter. Caxton Associates LLP acquired a new position in Hope Bancorp in the 1st quarter worth about $297,000. Finally, Jane Street Group LLC increased its position in Hope Bancorp by 676.8% in the 1st quarter. Jane Street Group LLC now owns 227,116 shares of the financial services provider’s stock worth $2,378,000 after purchasing an additional 197,877 shares during the last quarter. 84.00% of the stock is owned by institutional investors and hedge funds.
About Hope Bancorp
Hope Bancorp, Inc operates as the bank holding company for Hope Bank, a California-chartered financial institution serving small and middle-market businesses, professionals and affluent individuals. The company’s principal activities include accepting a variety of deposit products—such as checking accounts, savings and money market accounts, and time deposits—and extending commercial credit facilities. With a focus on community banking, Hope Bancorp tailors its offerings to meet the needs of clients in diverse industries, including real estate, professional services and import/export trade.
In its lending business, Hope Bancorp provides commercial real estate loans, construction financing, working capital lines of credit and equipment financing.
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